The Turkish government could be set to launch a second public offering of Turk Telecom shares in 2010 if the state of the market permits.
The fixed-line incumbent was initially listed in Istanbul in 2008, raising around US$2bn, but the government still…
The Turkish government could be set to launch a second public offering of Turk Telecom shares in 2010 if the state of the market permits.
The fixed-line incumbent was initially listed in Istanbul in 2008, raising around US$2bn, but the government still owns a 30% stake in the company and would consider cashing in further. Turkey’s Privatisation Administration said in December that it had not begun a process to again dilute its stake although it seems that an offering is on the cards.
Communications minister Binali Yildirim said: “The Privatisation Administration is working on it. The timing will be determined by the situation on the stock exchange and global financial markets.”
There has been no decision on the timing or indeed size of the offering but with confidence returning to the equity markets Turk Telecom may be one of several listings taking place in the sector in 2010.
Oger Telecom, which has a 55% stake in Turk Telecom, is understood to have expressed interest in buying more shares.